Mindbody Inc, a maker of software to help run fitness and yoga studios, said on Monday it agreed to be bought by private equity firm Vista Equity Partners in a deal valued at about $1.9 billion in cash, about three years after going public.

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Mindbody shareholders will receive $36.50 per share in cash, representing a premium of about 68 percent to the company`s closing price as of Friday. The stock was trading at $36.30 before the opening bell.

Since it went public in June 2015, the maker of business management software for fitness boutiques, spas and beauty salons has generated a steady rise in revenue. For 2017, it reported revenue of $182.6 million.

The deal includes a 30-day "go-shop" period, which allows Mindbody`s board and advisers to consider alternative offers, the company said.

Vista, whose portfolio comprises mostly software companies, bought software company Apptio Inc last month for $1.94 billion in cash.

The deal has been approved by the company`s board and is expected to close in the first quarter of 2019.

Qatalyst Partners was financial adviser for Mindbody, while Cooley LLP was the legal adviser. Kirkland & Ellis LLP served as legal adviser to Vista.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)